E-mini Dow Jones Industrial Average (YM) Futures Analysis – April 27, 2018 Forecast

June E-mini Dow Jones Industrial Average futures are trading lower shortly before the release of the U.S. GDP report and the cash market opening. Overnight volume is low and the range is tight.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. After a six day setback, momentum is trending higher again with the formation of Wednesday’s closing price reversal bottom.

A trade through 23782 will change momentum to the downside and turn the minor trend to down. A move through 24827 will signal a resumption of the uptrend, however, the buying is going to have to be strong enough to take out multiple levels of retracement levels before this can be accomplished.

Daily Swing Chart Technical Forecast

Based on the early trade, the direction of the Dow today is likely to be determined by trader reaction to the short-term 50% level at 24305.

A sustained move under 24305 will indicate the presence of sellers. This could lead to a lowered break with the first two targets coming in at 24157 and 24067. The selling could begin to strengthen under 24067 with the next two targets 23887 and 23782.

A sustained move over 24305 will signal the presence of buyers. This could fuel a labored rally into retracement levels at 24428, 24477, 24569 then 24684.

The Dow is going to continue to chop around until it can shed all these retracement levels.